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Location: Central Bank of Bahrain Volume 1—Conventional Banks > Part A > Business Standards > FC Financial Crime > FC-2 AML / CFT Systems and Controls > FC-2.2 On-going Customer Due Diligence and Transaction Monitoring > Unusual Transactions or Customer Behaviour > FC-2.2.7
  • Unusual Transactions or Customer Behaviour

    • FC-2.2.5

      Where a conventional bank licensee'sG risk-based monitoring systems identify significant or abnormal transactions (as defined in FC-2.2.2 and FC-2.2.3), it must verify the source of funds for those transactions, particularly where the transactions are above the occasional transactions threshold of BD 6,000. Furthermore, conventional bank licenseesG must examine the background and purpose to those transactions and document their findings.

      October 07

    • FC-2.2.6

      The investigations required under FC-2.2.5 must be carried out by the MLRO (or relevant delegated official). The documents relating to these findings must be maintained for five years from the date when the transaction was completed (see also FC-7.1.1 (b)).

      October 07

    • FC-2.2.7

      Conventional bank licenseesG must consider instances where there is a significant, unexpected or unexplained change in customer activity.

      October 07

    • FC-2.2.8

      When an existing customer closes one account and opens another, the conventional bank licenseeG must review its customer identity information and update its records accordingly. Where the information available falls short of the requirements contained in Chapter FC-1, the missing or out of date information must be obtained and re-verified with the customer.

      October 07

    • FC-2.2.9

      Once identification procedures have been satisfactorily completed and, as long as records concerning the customer are maintained in line with Chapters FC-1 and FC-7, no further evidence of identity is needed when transactions are subsequently undertaken within the expected level and type of activity for that customer, provided reasonably regular contact has been maintained between the parties and no doubts have arisen as to the customer's identity.

      October 07

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